Agent Banned for Price-Fixing, Sydney Property Market Seeks Transparency

0:00Sydney's Red Hot property scene minted millionaires out of top real estate agents, but the biggest earner just got cut down. Josh Tesslin, once with Ray White, pocketed over $9 million in commissions last year. Now, after NSW Fair Trading Probe, he's banned from the industry for 10 years and hit with a $33,000 fine for underquoting. Prices on over 100 deals and faking documents. This bus ties into a bigger mess exposed by investigations into auction, underquoting in Sydney and Melbourne, where nearly half the sales blew past, guides by more than 10%. Tesslin's huge payouts came from shady incentive schemes that jacked up quiet fees of the last second. Ray White acts him, but he bounced back with his own agency and even a coaching gig teaching his playbook. Buyers got burned, wasting time and cash on homes they couldn't snag, while the minister called it a clear warning shot to dodgy agents who mislead. Folks on their biggest buys, sellers and buyers both lean on these pros for straight talk,

1:01but too many play games with prices and info. The government's stepping up with rules like required price guides and ads and harsher penalties plus buyer info sheets to back up estimates. Still, critics say the fines pocket change for a guy who cleared 420,000 in one day and his coaching side hustle rolls on. Just like Tesslin's fall could spark real cleanup in this wild market, pushing for transparency like Victoria's reserve price reveals to keep things, fair for everyone chasing the dream. I'm Corey with the story and you've been listening to Sydney News today, AI-powered local news.